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re: The High Cost of a Home Is Turning American Millennials Into the New Serfs
Posted on 8/22/17 at 7:29 pm to TigerRagAndrew
Posted on 8/22/17 at 7:29 pm to TigerRagAndrew
quote:
Millennial with a 150k income: what's your job?
He's lying
0
Posted on 8/22/17 at 8:18 pm to Clames
quote:
Millennials can afford the house, the sorry little turds don't want sacrifice not having the latest cellphone, Macbook, and foodie subscription service
+1
I could definitely afford a house but I don't want the commitment of having one. I'd rather be able to move with ease.
Posted on 8/22/17 at 8:21 pm to lsupride87
What's more expensive:
200,000 house at 4% interest and 3% down with a 70k income
60,000 house at 16% interest with 20% down and 30k income
200,000 house at 4% interest and 3% down with a 70k income
60,000 house at 16% interest with 20% down and 30k income
Posted on 8/22/17 at 8:31 pm to TheIndulger
quote:
Millennials can afford the house, the sorry little turds don't want sacrifice not having the latest cellphone, Macbook, and foodie subscription service
if buying a $2,000 computer every 4-5 years and a $700 phone every other year prevents you from being able to afford a house, you probably can't afford a house
Posted on 8/22/17 at 8:40 pm to TigerRagAndrew
Think he's a nurse anesthetist if I remember correctly from a previous post
Posted on 8/22/17 at 9:10 pm to GreatLakesTiger24
quote:
if buying a $2,000 computer every 4-5 years and a $700 phone every other year prevents you from being able to afford a house, you probably can't afford a house
If that was all. More like spending $200/week going out for food and drinks, more if they are constantly going to entertainment events. The ones that cook their own meals on occasion waste money on buying organic/non-GMO/Blue Apron crap and half the food is tossed because they don't know what to do with leftovers or simply don't eat leftovers for whatever bizarre reason they can come up with. I see how the current crop of college/grad-school kids try to live on large amounts of borrowed money...
Posted on 8/22/17 at 9:12 pm to Clames
quote:is that supposed to be a lot?
More like spending $200/week going out for food and drinks,
Posted on 8/22/17 at 10:10 pm to Clames
My god some of you love generalizations
This post was edited on 8/22/17 at 10:11 pm
Posted on 8/23/17 at 6:50 am to Clames
quote:
If that was all. More like spending $200/week going out for food and drinks, more if they are constantly going to entertainment events. The ones that cook their own meals on occasion waste money on buying organic/non-GMO/Blue Apron crap and half the food is tossed because they don't know what to do with leftovers or simply don't eat leftovers for whatever bizarre reason they can come up with. I see how the current crop of college/grad-school kids try to live on large amounts of borrowed money...
Did you see all of this on a Facebook meme?
This post was edited on 8/23/17 at 6:51 am
Posted on 8/23/17 at 7:07 am to GreatLakesTiger24
quote:
is that supposed to be a lot?
I agree. Many Mil's spend much more on leisure activity, which stimulates our economy and brings them enjoyment. Kudos to them.
The issue then becomes when those individuals complain about not being able to afford a house. The "have my cake and eat it too" mentality is what causes the backlash. In many cases it's well deserved.
The reality is this. Many mil's will be homeowners later in life than gen's prior due to their unwillingess to settle for what they feel is lower standards. They are not the starter house generation we and our parents are/were.
Posted on 8/23/17 at 7:22 am to ItNeverRains
That's a great theory that is totally contradicted by all of the statistics that show that buying a starter house is less possible than it was in previous decades.
Posted on 8/23/17 at 7:37 am to CorporateTiger
Your chart shows the median ratio has been consistent since the late 80's.
Edit - apparently no data exist past 2008 as well.
Edit - apparently no data exist past 2008 as well.
This post was edited on 8/23/17 at 7:39 am
Posted on 8/23/17 at 7:41 am to ItNeverRains
Except the part where it explodes at 2000? Which, if millenials begin in 1981, is right when they enter the market.
It only regresses to still above the consistent average in the midst of the biggest bust in the history of the housing market.
I would be happy to see the data since then. I think that is somewhat irrelevant since those years from 2000-2008 show why milennials are findinggn it hard to enter this market.
It only regresses to still above the consistent average in the midst of the biggest bust in the history of the housing market.
I would be happy to see the data since then. I think that is somewhat irrelevant since those years from 2000-2008 show why milennials are findinggn it hard to enter this market.
This post was edited on 8/23/17 at 7:45 am
Posted on 8/23/17 at 7:41 am to ItNeverRains
I don't think there is any question young people today don't view saving money in the same way as older folks.
I think they just assume it will be there, and maybe it will.
I never could think that way.
I think they just assume it will be there, and maybe it will.
I never could think that way.
Posted on 8/23/17 at 7:42 am to CorporateTiger
I see that graph and immediately cringe.
Get shite on new working folk.
Get shite on new working folk
.Posted on 8/23/17 at 7:44 am to CorporateTiger
who in the frick enters the housing market before they are 20? and the gap quickly closes two years later to same levels as 80's. Then conveniently data ends right where 30%-50% correction occurs.
Try harder
Try harder
Posted on 8/23/17 at 7:44 am to kywildcatfanone
quote:the data says otherwise
I don't think there is any question young people today don't view saving money in the same way as older folks.
I think they just assume it will be there, and maybe it will.
Boomers were/are much worse savers
Posted on 8/23/17 at 7:47 am to GreatLakesTiger24
quote:
the data says otherwise Boomers were/are much worse savers
Vs their parents who lived through depression? Absolutely.
Extrapolating out vs mil's with current data available? Terrifying.
Posted on 8/23/17 at 7:48 am to ItNeverRains
quote:
who in the frick enters the housing market before they are 20?
Someone working a trade (something board sucks off ad nauseum) can easily enter it at 22-24, so let's delay it by 3 or 4 years.... at that point the market was worse.
quote:
and the gap quickly closes two years later to same levels as 80's
Are you crazy? Even 8 years later the ratio is above 3.5, somewhere it never touches before 2000.
quote:
Then conveniently data ends right where 30%-50% correction occurs
If you can post more recent data then please do so, I would be happy to see it, but the general consensus from thing I have is that the market has recovered significantly since 2008, which was a massive bust not just a "correction."
Posted on 8/23/17 at 7:50 am to GreatLakesTiger24
quote:
Last year, GoBankingRates published research conducted with 1,504 adults over the age of 55 (4.3% margin of error). About 30% of the respondents age 55 and over claimed to have no retirement savings. An additional 26% reported less than $50,000 saved for retirement. When considering typical benchmarks needed for a successful retirement, 54% of the older Americans in this survey lacked sufficient retirement funds. But not all Baby Boomers lack reasonable assets. At the other end of the spectrum, 26% of those age 55 to 65 have balances greater than $200,000. Among the over-65-year olds, 31% had $200,000 or more in their retirement accounts.
Baby Boomers
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